UK Tax Strategy
This strategy document applies to Nasa Umbrella Limited, which is a limited company registered in the UK. Nasa Umbrella Limited issues this statement under paragraph 16(2) of Schedule 19 of the UK Finance Act 2016. Nasa Umbrella Limited regards this statement as meeting its obligations in the financial year ended 31st March 2023.
Governance, Risk Management and Tolerance
The board of directors is ultimately responsible for setting Nasa Umbrella’s tax strategy and ensuring implementation across the company. We aim to achieve a low UK tax risk via a conservative tax planning approach and robust risk management framework. Management of this is appointed to the Manager Director, who reviews key financial reports on at least a monthly basis, from the qualified in-house compliance Accountant. Risk management controls are set by the board of directors to ensure the company identifies and responds appropriately to tax risks in respect of UK legislation and best practice within the industry it operates within. This is regularly reviewed for changes that may be relevant to Nasa Umbrella Limited.
An experienced in-house team, led by the qualified compliance Accountant, deal with routine tax matters and ensure day-to-day tax risks are managed in accordance with Nasa Umbrella’s tax strategy and relevant laws. External tax advisors are also used for end of year company tax preparation and general consultation on new or complex tax legislation.
Attitudes and Approach to Tax Planning
Nasa Umbrella Limited recognises the importance of being a responsible taxpayer and intends to engage in commercial operations that create sustainable value for its owners, utilising any tax reliefs and exemptions in line with UK tax legislation. We operate in a prudent manner to ensure compliance with UK tax legislation and do not engage in artificial tax arrangements. We seek to meet all tax obligations in a timely manner and uphold our reputation of compliance and integrity.
Relationship with HMRC
Nasa Umbrella Limited have a transparent and professional relationship with HMRC and any other relevant tax authorities. We aim to establish an open and honest dialogue with HMRC on any past, current, and future tax risks. We aim to submit all tax returns promptly, ensuring that all relevant information is disclosed and paying the appropriate levels of tax when due. Any inadvertent submissions would be disclosed to HMRC or the relevant tax authority as soon as reasonably practical after identification.
Date Prepared: 28th February 23